Traders around the world are investing in cryptocurrencies as they become more popular. Over the past few years, Bitcoin’s exponential growth has outpaced other asset classes, making it an attractive choice for investors seeking quick returns. Despite this, many people are unsure how to choose the right cryptocurrency.

This guide aims to provide you general information about the best crypto to buy in South Africa and how to trade cryptocurrencies.

Best Crypto to Buy in South Africa – List

1. OKX– The Best Platform To Buy The Best Cryptocurrencies On An Innovative Platform
2. Binance – Top-Rated Crypto Exchange to Find The Best Crypto To Buy
3. Crypto.com – Safe Platform To Find The Best Crypto To Buy Now
4. Kraken – Excellent Platform To Buy Crypto
5. Libertex – Great Choice To Find The Best Crypto To Buy Today

Best Crypto to Buy in South Africa – Step by Step Guide 2023

A variety of platforms are available for finding and buying crypto. eToro is our preferred platform for a variety of reasons.

1. OKX- The Best Platform To Buy The Best Cryptocurrencies On An Innovative Platform

Among the best platforms to buy in South Africa, OKX is one of the most promising because it is constantly updated.

Cryptocurrencies are a great way to get money, and you can trade them for a lot of profit. No matter what your knowledge level is, you can trade them or leverage them to get the best return.

The platform also supports cryptocurrency trading and mining. If you are looking for another way to generate returns, it is possible to mine any crypto that is available on the platform. There are around 11 mining pools available on OKX.

The Academy is a great place if you are a beginner in the cryptocurrency sector and don’t even know the basic terms. There is a lot of academic content on the platform’s website and mobile app. In addition to the educational material, you can also read the latest news and events on the platform. Its website and app are easy to utilize.

With blockchain technology, all types of barriers will also be removed, so anyone who wants to trade cryptocurrencies can do so without any problems.

OKX fees:

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2. Binance – Top-Rated Crypto Exchange to Find The Best Crypto To Buy

Of all crypto exchanges, Binance has the largest daily trading volume. Every day, it trades more than $50 billion worth of cryptocurrencies. In addition, Binance offers a variety of features to its users. You can access many cryptocurrencies through the exchange, including Bitcoin and Ether, and benefit from great liquidity since assets are heavily traded.

Furthermore, binary's trading commissions begin at just 0.1 percent. Trades on Binance can also be made using crypto futures and leveraged trading, allowing traders to purchase cryptos worth more than their wallet balances.

It is also possible to purchase bitcoin using fiat currency on Binance. However, it may take a few days for funds to arrive if you live in a country that offers relatively cheap bank transfers. If you want a quick deposit, you may prefer to use your debit or credit card.

Binance fees

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4. Crypto.com – Safe Platform To Find The Best Crypto To Buy Now

Globally, cryptocurrency exchanges like Crypto.com are growing rapidly. As a result of a large development team and a strong marketing department, the website is fast and secure. Additionally, their staking program offers a return of 14% per year on a portfolio of over 40 cryptocurrencies and stablecoins.

The Crypto.com CRO coin is ranked 12th on the list of digital coins, with a market capitalization of $16.6 billion. Furthermore, the company offers margin trading derivatives and enters the NFT market. As a result, investors can invest as little as $1 at Crypto.com. Crypto.com is your best option if you are looking for a platform to find the best crypto to buy.

Crypto.com fees

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5. Kraken – Excellent Platform To Buy Crypto

The Kraken exchange offers over 50 different cryptocurrencies on its platform, making it one of the earliest and most established cryptocurrency exchanges. As one of the world's largest exchanges since it was launched ten years ago, it has been used by some of the biggest crypto investors.

As well as offering a wide range of cryptocurrencies and pairs, Kraken also lets you stake your cryptocurrencies and earn interest on them. For Kraken, the minimum deposit is only $10, and their 24/7 customer service will address any concerns you have.

Kraken fees

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6. Libertex – Great Choice To Find The Best Crypto To Buy Today

Libertex has offered CFD trading services to its clients since 1997. This popular platform has accumulated 2.2 million clients worldwide, including casual traders and seasoned investors.

Clients in more than 100 countries can choose from over 250 financial instruments. Libertex's brokerage offers are simple and streamlined compared to many competitors. This CFD broker specializes in CFD derivative trading and covers over 200 markets. That includes stocks, cryptos, indices, ETFs, etc.

Using leverage to trade will allow you to gain much more exposure to the market you are trading in than the deposit you made to open the position. Both profits and losses can be increased as a result.

Retail traders in South Africa can invest with a leverage of 1:30 using Libertex. You can trade up to £30,000 of trading capital by having a £1,000 account balance. Professional accounts provide the highest leverage.

There are two trading platforms available at Libertex. Libertex's proprietary web trader is an easy-to-use, easy-to-understand platform perfect for beginners. Experienced traders can use MetaTrader for automated trading using technical indicators, fully customizable charts, drawing tools, and robo-advisory services. LibertyX is one of the best exchanges for those who want to buy crypto.

Libertex fees

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Best Crypto to Buy in South Africa - Fee Comparison

What is a Crypto?

In a digital currency, cryptocurrencies are digital currencies exchanged for conventional currencies. It is highly protected by blockchain technology as a digital currency, making it impossible to counterfeit. The blockchain is a public ledger created by a network of computers that are not connected. Furthermore, blockchains are highly decentralized, meaning a central bank does not launch them. Instead, they are mined by computers around the world.

Currently, Bitcoin is the currency with the largest market capitalization. Altcoins other than Bitcoin are considered cryptos, and their prices are often highly correlated with crypto prices. Cardano, Ethereum, Ripple, and Doge are among the most popular altcoins. There are several types of altcoins, each with its characteristics. Most altcoins are mining-based. Computers are used to mine these coins all over the world. Each coin's ownership and authenticity are tracked via the blockchain, maintained by a group of computers. They receive some newly mined coins after maintaining the ledger with their computers. Not all cryptocurrencies require mining. Offerings of initial coins, or ICOs, facilitate the creation of coins. Coins can be created and listed on exchanges immediately after the IPO process, similar to stocks.

Since Cryptocurrencies are often mined or listed through ICOs, they must have a mechanism that prevents them from becoming highly inflationary assets. For this reason, most cryptocurrencies have a limited supply. For example, bitcoin mining has slowed over the years, and the rate at which it can be mined has decreased. Consequently, the supply cap for Bitcoin will be reached in 2140, at which point no more Bitcoins will be mined. Therefore, cryptocurrencies are deflationary, so users no longer worry about inflation. Therefore, bitcoins and other cryptocurrencies are considered hedges against inflation rather than gold, the standard hedge.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Why Invest in a Cryptocurrency?

Over the past few years, cryptocurrency has become increasingly popular, but many consumers and investors may wonder what the fuss is about. Why would anyone choose cryptocurrency when local currencies work just fine for most things? Why would anyone invest in cryptocurrency?

Utilizing and investing in cryptocurrencies has many benefits. The following are a few to consider.

Transaction speed

Cryptocurrency is one of the fastest ways to transfer money or assets from one account to another. Financial institutions typically settle transactions within three to five days. Wire transfers usually take at least 24 hours. Stock trades typically settle after three days.

Bitcoin transactions can be completed within minutes, one of their advantages. As soon as the network confirms the block containing your transaction, the transaction is settled, and the funds are available for use.

Transaction costs

Transacting in cryptocurrency is relatively cheap compared to other financial services. Domestic wire transfers can cost up to $30, for example. International transfers are even more expensive.

Transactions involving cryptocurrency are usually cheaper. Demand on the blockchain, however, can increase transaction costs. Nevertheless, even on the busiest blockchains, median transaction fees remain lower than wire transfer fees.

Accessibility

Everybody can use cryptocurrency; all they need is a computer or smartphone and access to the internet. Setting up a cryptocurrency wallet is very fast compared to opening an account at a traditional financial institution. Identification is not required. There is no credit or background check.

Cryptocurrency enables the unbanked to access financial services without a centralized authority. There are many reasons why someone may be unable or unwilling to open a traditional bank account. In addition, making online transactions or sending money to loved ones using cryptocurrency is possible if you don't use traditional banking services.

Security

The private key for your crypto wallet must be obtained before someone can sign transactions or access your funds. You can't also recover your funds if you lose your private key.

Furthermore, transactions are secure due to the nature of the blockchain system and the distributed network of computers verifying them. The more computing power added to the network, the more secure it becomes.

Attempts to attack the network or modify the blockchain would require enough computing power to verify multiple blocks before the rest of the network could verify the ledger's accuracy. In addition, this kind of attack is prohibitively expensive for popular blockchains such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Most cryptocurrency accounts are hacked because of inadequate security at centralized exchanges. Your crypto assets are far more secure if you keep them in your wallet.

Privacy

Transacting with cryptocurrency does not require you to open an account with a financial institution so that you can maintain privacy. In addition, transactions are pseudonymous, which means you have an identifier on the blockchain - your wallet address - but it does not contain any information about you.

In many cases (both innocent and illicit), this level of privacy can be desirable. Therefore, all transaction data is public if a wallet address is linked to an identity. As a result, it is possible to mask transactions further and create privacy-focused coins to further enhance the private nature of cryptocurrency.

Transparency

Transactions involving cryptocurrency occur on the public blockchain ledger. One can look up transaction data for a cryptocurrency address, including where, when, and how much the sender sent. The amount of cryptocurrency stored in a wallet can also be viewed.

Transparency reduces the possibility of fraudulent transactions. For example, if someone sends money and it is received or has available funds for a transaction, they can prove it.

Diversification

Investors can diversify their portfolios by investing in cryptocurrency instead of traditional financial assets such as stocks and bonds. Although there is a limited history of the price action of crypto markets concerning stocks or bonds, the prices seem uncorrelated with other markets. Therefore, they are a good way to diversify a portfolio.

When you combine assets with minimal price correlation, you can generate a more steady return. For example, you might see your crypto assets rise if your stock portfolio goes down and vice versa. Generally, crypto is very volatile and may increase the volatility of your overall portfolio if your asset allocation is skewed too heavily towards crypto.

Inflation protection

Bitcoin and other cryptocurrencies are seen as protection against inflation by many. Currently, Bitcoin has a hard cap on the number of coins it will ever generate. However, because the growth in money supply outpaces the growth in Bitcoin supply, the price of Bitcoin should increase. Several other cryptocurrencies use supply-cap mechanisms and can act as a hedge against inflation.

Best Crypto To Buy South Africa 2023

BLOCK (Lucky Block)

The online gaming and gambling industries have experienced rapid growth in recent years. The booming lottery industry can be improved through decentralized lottery systems based on blockchains. Block users will not have to worry about fairness, security, or transparency since the blockchain will handle these concerns.

You can directly trade Lucky Block tokens with PancakeSwap. Lucky Block will also soon be listed on other exchanges. Binance Coin (BNB) can also be purchased in advance. It is readily available on most top cryptocurrency exchanges since it ranks fourth in market capitalization. After purchasing BNB, you should move it into your crypto wallet. To use the PancakeSwap DEX, we need to connect our BNB wallets (Metamask and Trust Wallet) to the PancakeSwap DEX.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

BTC (Bitcoin)

The price charts of cryptocurrencies have always caught the eye since the launch of Bitcoin in 2009. Additionally, cryptocurrency's popularity has increased due to recent financial market developments. Bitcoin represents a large portion of the entire cryptocurrency market capitalization, making it an obvious choice for investors seeking a competitive edge.

Approximately $3 trillion is the market capitalization of Bitcoin. The cryptocurrency reached an all-time high of $69,000 in November 2021. Bitcoin is one of the leading payment networks, so Visa and Tesla accept it as a payment processor. In addition, it offers many advantages for its users that make it different from many other currencies.

According to a long-term price prediction, Bitcoin could reach $330,000 by 2025, making it a great long-term investment. Despite its deflationary tendencies, Bitcoin still holds a dominant position in the crypto charts due to its deflationary aspects.

Due to its strong fundamentals and long market presence, it is less vulnerable to price crashes in the future, despite historically having a bearish trend. A currency such as this can also benefit traders and investors.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

ETH (Ethereum)

Ethereum has the second-highest market capitalization across the entire crypto ecosystem, behind only Bitcoin. Using a consensus proof-of-work algorithm facilitates decentralized financial exchanges. Proof-of-stake will be implemented in the future.

With these open-source, decentralized blockchain networks, developers can develop decentralized applications (dapps) and smart contracts without relying on a third party.

Ethereum is an excellent alternative to Bitcoin because of all these factors. Additionally, the Ethereum platform has created decentralized financial products that anyone can access, regardless of their faith or nationality.

Since its launch on the financial market, XRP has become one of the most successful cryptocurrencies. The value of Ethereum has increased by more than one hundred thousand percent since its launch, making investors smile.

The price trend of this coin on the crypto market has been bullish lately. Moreover, decentral financing will reach every sector in the coming years thanks to Ethereum's DApp and DeFi technologies.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 ADA (Cardano)

Cardano is a cryptocurrency that runs on the Ouroboros blockchain and employs a proof-of-stake algorithm. It ranks sixth in terms of market capitalization. It also requires fewer resources to validate transactions than Bitcoin.

Aside from Ethereum, Bitcoin was also founded by Charles Hoskinson. The same person founded Bitcoin and Ethereum, but their systems differ. Cardano uses a proof-of-stake blockchain, while Ethereum uses a proof-of-work blockchain.

Cardano differs from other blockchain technologies due to its proof-of-stake mechanism. Additionally, Cardano aims to be the first eco-friendly blockchain platform. Therefore, scalability, interoperability, and sustainability are the primary goals of this cryptocurrency.

According to last year's market chart, Cardano was the third-largest cryptocurrency behind Litecoin, Dogecoin, and Ripple. As its smart contract arena grows, Cardano will also see positive gains in the crypto market.

DOGE (Dogecoin)

Dogecoin dominated the news in 2021, with Shiba Inus appearing in the logo. However, at the beginning of 2021, Dogecoin was not very popular with investors.

After Elon Musk tweeted about it, meme coin price charts increased. Moreover, cryptocurrency investors gained confidence after being listed on popular trading platforms like Coinbase. Therefore, bitcoin's value reached an all-time high of $0.74 (£0.55) this year. Since its launch in 2014, bitcoin has increased twenty thousand percent in value.

Based on its market capitalization, this cryptocurrency is ranked 11th. However, there is no upper limit to the number of Dogecoins mined, so supply is not restricted. Therefore, those interested in its future trends will be attracted to it. By 2025, the meme coin will be worth $0.64.

Buying Cryptos Safely

Investing in cryptocurrencies does not come with any guarantees. However, if cryptocurrency is launched smoothly and widely, it will increase the demand for goods and services. The fact that cryptocurrencies encounter new and unique concepts every day makes that quite likely. Additionally, blockchain technology is advancing rapidly. Thus, it is impossible to predict when another cryptocurrency with superior energy efficiency and technological advancement will be released, rendering the current ones obsolete and lowering their prices.

In addition, investing in anonymous projects like cryptocurrencies carries the risk that a flaw in the code may allow developers to scam investors out of their cryptocurrencies. DeFi loses millions of dollars to scams every year due to its wild west nature. This possibility could be eliminated if code auditors were given access to the code, but most cryptocurrencies have not been audited yet, so this cannot be accomplished.

Risks of Buying Cryptos

Today, investing in cheap crypto is a good investment due to its community function rather than its utility function. Consequently, Boneparth, who has invested in the best crypto to buy since 2014, explains that the community's success determines its fortune. However, investing in cryptocurrencies involves high risk, as experts warn that you could lose your money. No matter which cryptocurrency you choose, you should never invest more than you can afford to lose.

In addition to structure, supply, and use, altcoins differ from bitcoin in several ways, making them a riskier investment option. Bitcoin was introduced in 2009 as an electronic cash system based on peer-to-peer technology. A blockchain ecosystem has been developed to support the Bitcoin electronic cash system. Bitcoins are considered scarce because of their limited supply. As a result, its holders can expect to be recognized in the future as an important decentralized digital currency. In general, altcoins lack these features, making them incompatible with the infrastructure designed for the Bitcoin blockchain.

According to Brett Harrison, the cryptocurrency exchange FTX US president, cryptocurrency investment is extremely risky. In other words, rather than investing in crypto-assets based on hype, Harrison looks for assets that have specific utility.

Crypto assets are attracting a growing number of investors. Marcus says they can be used as a store of value, facilitate an efficient mechanism for transferring funds, or even serve as a platform for developing blockchain-based applications. In addition, many of these assets could be useful to retailers. However, cryptocurrencies should be invested cautiously.

Selling Cryptos

You will be able to sell cryptocurrencies based on the trading platform. Capital, for example, lets you sell stocks in your portfolio by clicking the sell button. Next, click the place order button after selecting the amount and type of order you wish to place.

To operate your platform, you will convert the cryptocurrencies you own into fiat currency. Besides using a cryptocurrency exchange, you have other options. For example, you may want to convert your cryptocurrency into Ethereum, Bitcoin, or Binance Coin, along with various fiat currencies. The cryptocurrencies will be stored in your wallet on the platform.

Where to Buy Cryptos

OKX is the best place to buy crypto in South Africa

Best Way to Buy Cryptos in South Africa – OKX Tutorial

Invest in crypto with OKX, our recommended digital asset trading platform, if you already know what you want to buy and have a lot of conviction in the cryptocurrency world.

Step 1: Open an Account

Here's how you can buy crypto with OKX. Firstly, go to the platform's website and click the Trade Now button. Next, fill out your desired email address and password. Alternatively, if you already have a Facebook, Google, or Apple account, you may link this.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Step 2: Upload ID

Unverified accounts cannot hold any funds, so you'll need to upload a valid ID to verify your account. You must upload an ID to verify your account, such as a driver's license or passport.

Step 3: Deposit Funds

Having verified your account, you can now deposit funds into it. With OKX, you have a wide variety of deposit options, such as wire transfers, bank cards (Visa, MasterCard), and other foreign and local third-party channels, such as Skrill, Neteller, AstroPay, and QIWI.

Step 4: Buy Cryptos

Now, you can invest in crypto! Simply search for the cryptocurrency of your choice on your OKX dashboard. Then, if you buy or sell crypto on OKX, you use crypto derivatives.

OKX – Best Platform to Buy Cryptos in South Africa

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

Who created the first cryptocurrency?

Satoshi Nakamoto is the pseudonym used by the creator of Bitcoin, the world's first cryptocurrency.

What is the total crypto market cap?

Cryptocurrency has a market capitalization of $1.74T at the time of writing.

Do I need a crypto wallet to buy cryptos?

You do not need a crypto wallet to buy cryptocurrencies on CFD platforms such as Binance. When purchased with a wallet, cryptocurrencies can be transferred between platforms

Can I buy cryptos in South Africa?

In South Africa, you can purchase cryptocurrency through established trading platforms such as OKX, Binance, and Kraken.

To buy a Bitcoin, how much money do I need?

You may be able to purchase bitcoins for as little as $25, depending on the minimum balance requirements associated with your platform.